Two Seas Capital LP Reduces Holdings in Calumet, Inc. $CLMT

Key Points

• Two Seas Capital reduced its Calumet stake by 20.2% in the third quarter, selling 1.34 million shares and retaining 5.28 million shares, or 6.01% of the company.
• Analysts remain mixed, with an overall “Hold” consensus and an average price target of $51.75; ratings include two Buys, four Holds, and one Sell.
• Calumet shares recently traded at $56.26, near their 52-week high, despite the company reporting a quarterly loss of $1.09 per share. Revenue rose 40.8% year over year to $1.45 billion but exceeded analyst estimates.

Two Seas Capital LP lowered its stake in Calumet, Inc. (NASDAQ:CLMT - Free Report) by 20.2% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,280,659 shares of the oil and gas company's stock after selling 1,339,049 shares during the period. Calumet accounts for about 3.2% of Two Seas Capital LP's holdings, making the stock its 2nd largest holding. Two Seas Capital LP owned 6.01% of Calumet worth $276,601,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CLMT. Islay Capital Management LLC bought a new position in shares of Calumet during the fourth quarter valued at $25,000. Nykredit A S purchased a new stake in Calumet during the 2nd quarter valued at about $57,000. Global Retirement Partners LLC bought a new stake in Calumet during the 2nd quarter valued at about $61,000. KBC Group NV bought a new stake in Calumet during the 1st quarter valued at about $69,000. Finally, Quantbot Technologies LP purchased a new position in Calumet in the second quarter worth about $89,000. 34.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CLMT shares. The Goldman Sachs Group raised their price target on shares of Calumet from $40.00 to $45.00 and gave the company a "neutral" rating in a research report on Tuesday, August 18th. Weiss Ratings reissued a "sell (d-)" rating on shares of Calumet in a report on Friday, August 7th. TD Cowen upped their price target on Calumet from $34.00 to $40.00 and gave the company a "hold" rating in a report on Wednesday, August 12th. UBS Group increased their price objective on Calumet from $26.00 to $47.00 and gave the company a "neutral" rating in a research report on Tuesday, August 25th. Finally, Citigroup reiterated a "buy" rating on shares of Calumet in a report on Monday, August 10th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $51.75.

Calumet Stock Up 0.4%

CLMT traded up $0.23 during mid-day trading on Tuesday, reaching $56.26. 850,881 shares of the company traded hands, compared to its average volume of 1,253,255. The company's fifty day moving average price is $50.41 and its 200-day moving average price is $40.19. The stock has a market capitalization of $4.95 billion, a P/E ratio of -36.30 and a beta of 0.78. Calumet, Inc. has a 52-week low of $17.42 and a 52-week high of $59.87.

Calumet (NASDAQ:CLMT - Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The oil and gas company reported ($1.09) EPS for the quarter, missing the consensus estimate of $0.07 by ($1.16). The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.12 billion. Calumet's revenue for the quarter was up 40.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.70) earnings per share. As a group, sell-side analysts forecast that Calumet, Inc. will post 0.76 earnings per share for the current fiscal year.

Calumet Profile

Calumet, Inc NASDAQ: CLMT is a specialty products and renewable fuels company headquartered in Indianapolis, Indiana. The company develops, produces and markets a range of products derived from crude oil and renewable feedstocks for industrial, commercial and consumer applications.

Its specialty products portfolio includes lubricants, solvents, waxes, asphalt and other hydrocarbon-based products, as well as products used in manufacturing, transportation, infrastructure and consumer goods.

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